The Beige Book is published eight times per year, providing a summary of economic activity based on anecdotal information gathered by each Federal Reserve Bank. According to the latest report published on Apr 18, 2024, business activity has expanded at a modest pace, with prices rising slightly and overall employment remaining flat.One notable highlight from the report is the first year-over-year increase in residential home sales since 2022. The report states, "Residential home sales increased by moderate margins from a year earlier, the first such increase in over two...
The Federal Reserve, the central bank of the United States, released its Beige Book report on April 17, 2024, detailing economic conditions in the Fifth District. The report highlighted various trends and challenges faced by businesses and industries in the region.According to the report, consumer spending in the Fifth District was described as flat to slightly up, with mixed reports from retailers. While some shops experienced declines, others like furniture and hardware stores saw increased sales. Additionally, spending on travel increased, with hotel occupancy rising...
The Cleveland Fed recently published a report highlighting the potential of anecdotal economic data from the Federal Reserve's Beige Book in predicting recessions. According to the report, regional-level economic sentiment plays a crucial role in this prediction process.Utilizing natural language processing, researchers from the Cleveland Fed and Washington University in St. Louis analyzed the sentiment expressed in all 468 editions of the Beige Book dating back to 1970. The findings indicated that during recessions, the sentiment of both the national economic summary and...
The European Central Bank (ECB) Governing Council has kept three key ECB interest rates unchanged. It based its decision on information that “broadly” confirms the medium-term inflation outlook continues to fall, as a previous assessment had suggested to the council.
Boston and New York Fed conference examines the potential impacts of stablecoinsOn April 11, 2024, the Federal Reserve Banks of Boston and New York hosted a virtual Conference on the Financial Stability Implications of Stablecoins. The conference brought together researchers, regulators, and industry participants to explore the implications of the rapid expansion of the stablecoin market on financial stability.In her welcoming remarks, Boston Fed President and CEO Susan M. Collins highlighted the importance of understanding stablecoins, labeling them as a form of...
The latest Large Bank Credit Card and Mortgage Data released by the Federal Reserve Bank of Philadelphia revealed concerning trends at the end of 2023. According to the report, credit card delinquency rates reached series highs, with more accounts being past due compared to any other quarter since 2012. Mortgage originations also hit a series low, and the 30+ days past due rate increased quarter over quarter.Kelly Antonacci, from the Philadelphia Fed, highlighted that "several Q4 2023 measures surpassed records set since the series began in Q3 2012." The median front-end...
Tom Barkin, President of the Federal Reserve Bank of Richmond, recently provided insights on the current state of the economy and potential future trends. At a speaking engagement, Barkin acknowledged the unexpected strength of the economy in 2023, with low unemployment and moderate inflation. However, he also highlighted some concerning trends in early 2024 data, such as higher PCE inflation and softer consumer spending.Barkin used a Peanuts comic strip to illustrate the diverse interpretations of the same data, emphasizing the need for different perspectives. He...
President Mester addressed a gathering of business economists in Cleveland, Ohio, on April 2, 2024, providing insights into the current state of the U.S. economy and monetary policy. The speech highlighted the Federal Reserve Bank of Cleveland's role in supporting economic stability and growth across the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.The Federal Reserve Bank of Cleveland, as part of the broader Federal Reserve System, plays a crucial role in formulating the nation's...
IBM's Watson is bringing new generative AI capabilities to the Masters Tournament digital platforms. The technology giant, in collaboration with the Masters Tournament, has introduced several new features aimed at enhancing the digital viewing experience for golf fans around the world.One of the key features announced is IBM Hole Insights, which offers detailed, data-driven projections and analysis for each hole on the course. Jonathan Adashek, Senior Vice President of Marketing and Communications at IBM, highlighted the impact of Watson's generative AI power in creating...
The City University of New York has received a generous donation of $1 million from the Carroll and Milton Petrie Foundation to address the challenges arising from the delayed rollout of the new Free Application for Federal Student Aid (FAFSA) form. This initiative, named CUNY Financial Aid Support Team (FAST), aims to assist 100,000 high school seniors and current CUNY students in completing the FAFSA, crucial for receiving financial aid.CUNY Chancellor Félix V. Matos Rodríguez expressed gratitude to the Petrie Foundation for their support in creating the program,...
The Carlyle Group Inc. (NASDAQ: CG) has revealed its plans to unveil the financial results for the first quarter of 2024 on Wednesday, May 1, 2024. The company will also conduct an investor conference call at 8:30 a.m. EDT on the same day. According to the announcement, the conference call will be accessible through a public webcast on ir.carlyle.com, with a replay available afterward.During the conference call, Chief Executive Officer Harvey Schwartz, Chief Financial Officer and Head of Corporate Strategy John Redett, and Head of Public Market Investor Relations Daniel...
Carlyle (NASDAQ: CG) has appointed Masahiko Fukasawa as the Head of Global Portfolio Solutions Japan, effective immediately. In his new role, Mr. Fukasawa will focus on enhancing Carlyle's portfolio operational value creation efforts in Japan by leveraging global resources and capabilities for the benefit of portfolio companies in the region.Mr. Fukasawa will collaborate closely with Carlyle Japan's Co-Heads, Kazuhiro Yamada and Takaomi Tomioka, as well as Richard Elder, the Global Head of GPS based in Washington D.C., U.S. In response to the appointment, Yamada and...
Columbia University researchers, particularly those at the Zuckerman Institute, have made a groundbreaking discovery regarding the memory capabilities of black-capped chickadees. These small birds have been revealed to possess an extraordinary memory system that allows them to recall the locations of thousands of food caches, crucial for their survival during the winter months.Lead researcher Dmitriy Aronov, PhD, described chickadees as "memory geniuses" and highlighted the significance of their ability to remember specific moments such as hiding food. Through their...
The City University of New York (CUNY) commenced National Community College Month by recognizing 28 CUNY community college students who have been named as semifinalists for the Jack Kent Cooke Foundation’s prestigious Undergraduate Transfer Scholarship. Celebrating this achievement, CUNY is actively promoting its successful support program, CUNY ASAP, which has served over 100,000 students.CUNY Chancellor Félix V. Matos Rodríguez commended the semifinalists, stating, “Congratulations are in order for CUNY’s Jack Kent Cooke Scholarship semifinalists, who embody the great...
The Federal Reserve Bank of Philadelphia has announced changes to its Community Depository Institutions Advisory Council (CDIAC), appointing a new chair and welcoming two new members in April 2024.Jeffrey Stopko, president and CEO of AmeriServ Financial, Inc., has been appointed as the new chair of the CDIAC for 2024, representing the Third Federal Reserve District. Stopko, who has been a member of the advisory council since 2021, will lead the council in its discussions on economic and business trends facing community depository institutions.Joining the CDIAC are James...
WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s more than 33 million small businesses, announced the Office of Surety Guarantees award winners recognized for their continued work to help small contracting businesses acquire surety bonds.Guzman commended the award winners, stating, "SBA’s surety guarantee partners play a crucial role in helping the SBA facilitate billions of contracting dollars to America’s small businesses, and our 2024 Surety Guarantee...
Virginia Apgar, known for developing the APGAR Score, was honored with a commemorative stamp issued on October 24, 1994. Ruth Bader Ginsburg, the second woman to sit on the U.S. Supreme Court, had a stamp issued in her name on October 2, 2023. Shirley Chisholm, the first Black woman elected to Congress, was commemorated with a stamp on January 31, 2014. Anna Julia Cooper, an advocate for education and civil rights, had a stamp issued in her honor on June 11, 2009. Amelia Earhart, the iconic female aviator, was remembered with a stamp on July 24, 1963. Margaret Mead, a...
SBA Administrator Isabel Casillas Guzman announced the selection of 17 new Women’s Business Centers (WBCs), with 13 of them hosted by established Minority Serving Institutions (MSIs) across ten states. Guzman highlighted the impact of these centers on women entrepreneurs, especially women of color, stating, “Under the Biden-Harris Administration, we have seen a historic Small Business Boom, with women, especially women of color, filing new business applications at double the rates of men.”The SBA’s WBCs provide essential resources to women entrepreneurs, offering...
The National Credit Union Administration (NCUA) has taken action against three individuals, permanently prohibiting them from participating in the affairs of any federally insured depository institution. Sarah C. Conley, a former employee of Summit Federal Credit Union in Rochester, New York, Carlene Bartley, a former employee of Municipal Credit Union in New York, New York, and Esther A. Olson, a former employee of Educational Employees Credit Union in Fresno, California, are the individuals named in the prohibition notices and consent order issued by the NCUA in March...
